Employee well-being is becoming increasingly relevant as businesses are more aware of the link between employee wellness, productivity, engagement and retention. Some benefits include:
- Improved health and motivation of employees.
- Reduced employee absenteeism.
- Attraction and retention of great talent.
- Increased company morale and wellness.
- Reduced employee turnover.
Since employee well-being is centred on your employees. Asking them to contribute ideas on how your company can improve, will be useful. We have put together a few helpful tips to aid you.
Recognition and Rewards
According to Psychology Today. We develop a sense of self from how we’re perceived by others. Being recognised, appreciated, and valued are psychological needs that help us build a sense of security. The benefits go beyond your employees. Recognition and rewards have been proven to increase customer satisfaction and have a positive impact on business growth. The idea is that happy employees, treat customers better and are more productive. So, here are some ways you can recognise and reward your staff.
- Giving an extra day off.
- Praising and giving recognition in front of peers.
- Providing breakfast or lunch treats.
- Awarding certificates of achievement.
- Rewarding bonus & pay rise.
- Offering points reward system.
- Awarding gift cards for high performance.
- Providing educational investment such as study support or external training days.
It’s important to remember that people are driven and motivated by different things. Sometimes, small things like the ones listed above can leave a lasting impact.
Financial troubles are not uncommon. Unexpected bills and unforeseen circumstances can lead to increased stress and anxiety. Covering every angle of your employee’s well-being is important. There are several things you can do to enable them to be more finically secure and stable.
- Employee benefits
Employee benefits are a terrific way to boost morale, engagement and keep talent. Additionally, they enable you and your employees to save money. Childcare vouchers, annual leave purchase schemes, contributing towards gym memberships and so on. Make a significant contribution to helping your employees spread the cost of big purchases, benefiting from reduced tax and NI contributions, as well as still enjoying the things they love.
- Financial Education
Financial education is not taught at school. Unfortunately, 39% of adults do not feel confident managing their money and nearly nine million people in the UK are in serious debt (ficap.org). Having an education program could help your employees immensely. Even if they are not in debt or facing financial difficulties, there is always something to learn and as the saying goes prevention is better than cure.
- Employee Loans
Unexpected bills and unforeseen circumstances can result in employees needing to take out a loan. However, a high-street lender will be off-limits to those with poor credit scores and payday lenders often charge high-interest rates. Helping your employees to access a loan that is paid back through their salary may help alleviate their worries. However, you need to take extra precautions if this is something you are willing to offer your employees.
Embed Well-being in your organisational culture.
Organisational culture has a large part to play in how your employees feel. A recent article written by Infosys states that the pandemic has changed work, workplaces, and organisational culture. Allowing companies to assess and recalibrate their culture. With that in mind, integrating well-being has been a factor for many companies. The dynamic nature of organisational culture means that well-being must be consciously prioritised. Here is a list of things you can implement to make sure it is not forgotten:
- Include wellbeing in individual work reviews and progress meetings
- Include employee care in goal setting and milestones
- Show you care by following up
- Have team wellbeing meetings
In closing, employers and leaders play a significant role in meeting the critical psychological needs of employees. Well-being and engagement are at the forefront of many businesses now more than ever. For more information and useful tips to help improve employee well-being, please contact us at: [email protected]